Nasdaq-listed global asset management firm Carlyle Group is acquiring a majority stake in South Africa’s CMC Networks, which provides managed connectivity solutions for telecommunications operators across Africa.
Investec Equity Partners will sell its stake in the company, and the founder and management team will invest alongside Carlyle, CMC said in a statement.
The transaction is expected to close in the first quarter of 2017, subject to regulatory approvals and other conditions.
Further terms of the acquisition have not been disclosed.
CMC was founded in 1989 and is headquartered in Johannesburg and Mauritius. It has a network and office footprint spanning 50 countries in Africa. It also operates in the Middle East.
The company’s propriety network allows global telecoms companies to provide enterprise connectivity to corporate clients across Africa and the Middle East. It owns about 100 network points of presence, which are integrated into other wholesale carrier partner networks.
Grant Walker, founder and CEO of CMC, said in the statement that Carlyle’s global presence, wide portfolio and specialist expertise in the sector will help it expand in new markets.
CMC is the seventh investment and the second this year by Carlyle’s sub-Saharan Africa fund.
Carlyle has US$169bn of assets under management across 125 funds and 177 fund-of-funds vehicles. — (c) 2016 NewsCentral Media